Michael McCarthy: The sharp rise and fall of US stocks reflect market instability

When BTC fell below $61000, address 0xebe8 closed multiple orders of 800 BTC (worth $48.8 million), resulting in a loss of $1.26 million. （Lookonchain）

Kalshi filed a lawsuit this week in the Federal District Court for the Northern District of Illinois, suing Illinois Attorney General Kwame Raoul, Governor JB Pritzker, and other state officials. Kalshi stated that the budget bill SB3019 requires predictive market platforms to obtain state-level licenses and take effect on July 1st, which conflicts with the federal exclusive jurisdiction clause of the Commodity Exchange Act. Kalshi stated that stopping the provision of sports contracts in Illinois due to compliance with the bill would violate the uniformity requirements of the U.S. Commodity Futures Trading Commission and harm commercial interests. Kalshi has requested the court to grant temporary restraining orders, preliminary injunctions, and permanent injunctions to prevent Illinois from enforcing the law. (The Block)

US President Trump announced the cancellation of today's housing press conference and signing ceremony until the SAVE AMErica ACT is passed. （Cointelegraph）

Binance has withdrawn its MiCA license application submitted in Greece and is now seeking authorization in another EU member state. Binance stated that Europe remains an important market and its commitment to compliant operations under the unified regulatory framework of the EU MiCA remains unchanged. It is expected to obtain relevant licenses in new member states in the coming months.

Ornn, a computing market infrastructure company, has completed a seed round financing of $33 million, led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, SV Angel, Vine Ventures, Crucible Capital, Link Ventures, and Box Group. Ornn has launched the transaction based computing power index OCPI and released the entity capacity layer Ornn Compute for the computing power market. The platform can aggregate dedicated GPU capacity from multiple Neoclouds, providing unified access, secondary transfer market, and on-demand sublease functions.